Richard W. Fisher, Dallas Federal Reserve President

It’s particularly difficult to watch the dollar rally today and the precious metals and shares get trounced while reading the May 28, 2008 speech by Dallas Federal Reserve Bank President and Chief Executive Officer Richard W. Fisher to the Commonwealth Club of California.

The highlight of this must read speech is the allocation of the unfunded liabilities of Social Security (paltry compared to Medicare) and Medicare Parts A, B & D. Are you ready? $330,000 each for every man, woman and child in the United States. $1.3 million for a family of four.

Mr. Fisher also points out that the only typical fashion for politicians to deal with problems like these, from ancient Rome to current day Zimbabwe, is to run the printing presses and make this extraordinarily worse.

Please read this speech.

If you are as alarmed as you should be, perhaps you might want to check out The Casey Report.